The decision to rent or buy depends on your unique circumstances. Both options have advantages and drawbacks, and understanding these can help you determine the best path for your situation.
Rent vs. Own Calculator — Latitude 32 Credit Union
Latitude 32 Credit Union
Rent vs. Own Calculator
A Charleston & Lowcountry estimate of what renting and owning actually cost each month — and what ownership builds over time.
Step 1
What do you currently pay in rent?
Your current monthly rent payment
$
Step 2
Tell us about the home you’re considering
Median in Charleston area: ~$400,000
$
Amount you plan to put down
$
Updates automatically
Step 3
Enter your mortgage interest rate
Annual percentage rate (APR) for your loan
%
Step 4 — Optional
Add Lowcountry-specific costs
These are common costs for homeowners in the Charleston area. Including them gives you a more complete picture. All are estimates — your actual costs will vary.
Flood Insurance
Required in many Lowcountry flood zones — separate from homeowners insurance
$/ mo
Typical NFIP policies in the Lowcountry range from $100–$250/month depending on flood zone and coverage level.
HOA Fees
Common in many Charleston-area neighborhoods and planned communities
$/ mo
HOA fees vary widely — check the community disclosures for the specific property you’re considering.
Monthly Cost Estimate
Renting
per month
Rent
Equity built$0
Owning (PITI est.)
per month
Principal & Interest
Property Tax (est.)
Homeowners Insurance
PMI (est.)
Flood Insurance
HOA Fees
Estimated Equity Built Through Ownership
After 5 Years
estimated equity
Down payment
Principal paid
After 10 Years
estimated equity
Down payment
Principal paid
Equity projections reflect your down payment plus principal paid down through mortgage payments only. They do not include potential home value appreciation or depreciation — home values in the Charleston area have historically trended upward, but past performance does not guarantee future results.
These results are estimates for illustrative purposes only — not guaranteed calculations or financial advice. The monthly ownership cost uses estimated property tax based on South Carolina’s 4% legal residence assessment applied to a Lowcountry millage rate of approximately 0.55% of home value annually, and estimated homeowners insurance of approximately 0.75% of home value annually. PMI is estimated at 0.8% of the loan balance annually where applicable (down payment below 20%). Your actual costs will depend on your specific loan terms, property location, insurance provider, tax jurisdiction, and individual circumstances. Consult a Latitude 32 mortgage loan officer for figures specific to your situation.
Talk to a Latitude 32 Mortgage Loan Officer
These numbers are a starting point. A Latitude 32 loan officer can give you a precise picture based on your actual credit profile, loan type, and the specific property you’re considering — at no cost to you.
